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    GBP/JPY Price Analysis: Remains subdued below 185.00, on risk-off mood

    FXStreet
    Updated Nov 10, 2023 24:11
    Mitrade

    ●GBP/JPY sees a decline of 0.24%, as Yen is boosted following Fed Chair Powell's hawkish remarks.

    ●The daily chart portrays the pair as neutral, tilted to the upside, with the Kumo below price action.

    ●Key support levels loom below, with the Tenkan-Sen at 183.62 and the Kijun-Sen at 183.36, while a rebound above 186.00 could reignite bullish momentum.



    The GBP/JPY failed to gain traction on Thursday, posting losses of 0.24% amid hawkish comments from the US Federal Reserve Chair Jerome Powell on an International Monetary Fund (IMF) event. Hence, the safe-haven status of the Japanese Yen (JPY) benefitted, a headwind for the Pound Sterling (GBP). At the time of writing, the cross-pair is trading at 184.97 after hitting a daily high of 185.89.


    The pair is neutral but slightly tilted to the upside due to price action remaining above the Ichimoku Cloud (Kumo). A narrow width of the Kumo, along with price action failing to register a successive series of higher lows and higher highs, indicate the cross might be subject for a pullback.


    Despite that, if GBP/JPY buyers reclaim 186.00, that could open the door for challenging the year-to-date (YTD) high at 186.76. On the other hand, a drop below 184.00, key support levels would emerge.


    The first support would be the Tenkan-Sen at183.62, followed by the Senkou-Span A at 183.49, followed by the Kijun-Sen at 183.36. Once those levels are cleared, the 183.00 psychological figure would be up next.


    GBP/JPY Price Analysis – Daily Chart, Source: FXstreet.



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